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First time homebuyer here and I was hoping someone would be able to help me out with some questions I have about the next step. I'm kind of in a unique situation which has only served to confuse me even more lol. I'm doing a new manufactured home in a land/home deal but getting a USDA loan. My appraisals have gone through (was in underwriting yesterday and lender says he expects final decision today) and everything seems to check out. My understanding is that once final approval is given by the lender then Clayton Homes (who I'm purchasing through) will be wired the money of my loan amount. This money will then be used to purchase the land, home, and improvements on the land, etc. I signed the GFE several weeks ago now and I know there will be some changes as I purchased a different lot of land adding a couple thousand dollars and hopefully my interest rate will have gone down slightly since I haven't locked in yet. My main question is what to expect today? Will there be more paperwork to sign? If so, what will it be? I don't think "closing" would technically happen until the home is put up, inspected, and I'm able to live in it correct?
I am not sure of the step by step on a manufactured home purchase, but I can tell you about the funds being transferred. No bank is going to send funds until you sign the closing documents obligating you to repay the funds. My guess is this will not happen until it is delivered- set up- and habitable (unitlities hooked up), but someone with more experience with these type loans can clarify further for you.
I think part of the reason that this loan isn't that common is the issue about funding the loan. The way I understand it is that Clayton Homes, Inc. has their own lender called Vanderbilt Mortgage and that once the loan is USDA approved, they will actually wire the money to Clayton Homes. Basically Vanderbilt and Clayton have to assume the loan until construction is complete and the home is ready to move in. Once everything is finished then the loan actually funds from my lender, I close with the lender and assume the debt and Vanderbilt gets their money back. So I guess I would have paperwork to sign with Vanderbilt in the interim of getting the house set-up?
To update the situation, I spoke with my lender today. He says all the work is done on their end but now he has to send the paperwork to USDA. He says typically they get the documents back from the USDA in 3 days. Anyone have any experience with this? Does that time period sound right? I know these lenders often guess on the low end of time periods and it often takes longer but I really need this to move forward. He is sending the paperwork to Clayton though so in his words we can "get prepared to close on the land". Does this also mean that I will be able to order the home now? Or do I still wait on the USDA?
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